JAKARTA, Oct 30 (Reuters) - Indonesia's biggest tech firm PT GoTo Gojek Tokopedia (GOTO.JK) reported 942 billion rupiah ($59.30 million) in underlying losses for the third quarter, a significant drop from last year's 3.7 trillion rupiah, the company said on Monday.
The results came after the company reached a positive contribution margin since beginning of this year amid cost-cutting measures.
"This was underpinned by a reduction in operating expenses as we eliminated redundancies and leveraged our technology to reduce costs," GoTo Group CFO Jacky Lo said in the statement.
GoTo, which offers ride-hailing, e-commerce, and financial services, said its net losses for the period were at 2.4 trillion rupiah, a drop from last year's 6.7 trillion rupiah.
($1 = 15,885.0000 rupiah)Reporting by Stefanno Sulaiman; Writing by Stanley Widianto; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.
Persons:
GoTo Gojek Tokopedia, GoTo, Jacky Lo, Japan's, Stefanno Sulaiman, Stanley Widianto, Kanupriya Kapoor
Organizations:
Japan's SoftBank, Thomson
Locations:
JAKARTA